The GDP deflator of a country whose nominal GDP is $10.5 billion and real GDP is $8.5 billion is 123.5
a. True
b. False
Indicate whether the statement is true or false
True
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Suppose that goods X and Y are substitutes and the price of good Y falls. We would then expect
A) the quantity of good Y demanded to increase and the demand for good X to increase also. B) an increase in the demand for good X and a decrease in the quantity of good Y demanded. C) an increase in the quantity demanded of good Y and a decrease in the demand for good X. D) an increase in the demand for both good X and good Y.
The kinked demand curve model helps to explain:
a. fluctuations of prices in pure competition b. stabilities observed in prices in oligopolistic industries c. fluctuations observed in prices in oligopolistic industries d. all of the above e. none of the above
If the Fed believes the natural rate of unemployment is 5.5 percent and the natural rate is really 5 percent, what is likely to happen in the short run?
a. The Fed will allow unemployment to be unnecessarily high and output to be unnecessarily low. b. The Fed will allow unemployment to be unnecessarily high, but output will remain at potential. c. The Fed will allow unemployment to be unnecessarily low and output to be unnecessarily high. d. The Fed will allow output to be unnecessarily low, but unemployment will remain at the natural rate. e. The Fed will allow unemployment to be unnecessarily low and output to be unnecessarily low.
The United States did not join the ICC because the U.S. government
a. disagreed with the enforcement mechanisms it put in place. b. feared the ICC would be used as a political tool against it. c. believed the ICC to be an extremely ineffective organization. d. had never been formally asked to join.